Electric Car Residual Values Drop: Report
With electric and plug-in hybrid vehicles getting their prices slashed this year, it’s no surprise that residual values are also being cut.
The Nissan Leaf, which got a $6,000 price reduction to kick off 2013, has seen its residual value drop $2,500 according to ALG. ALG points at high incentives, price cuts, and a potential glut of models as all reasons for residual values for EVs and PHEVs dropping.
SEE ALSO: 2013 Nissan Leaf Gets Massive Price Cut
The Leaf isn’t the only vehicle that saw its residual values slashed, but was the one impacted the greatest. Albeit it’s also the one that saw the biggest price cut this year. ALG also trimmed the residual values on the Fiat 500e, Mitsubishi i-MiEV, and the Chevrolet Volt.
For 2013 Nissan slashed the 2013 Leaf’s price by $6,000 for a new starting price of $28,800. The Focus EV price has also come down in 2013, dropping $4,000 to $35,200. Meanwhile Honda lowered its Fit EV lease price from $389-per-month lease to $259 a month. In response to added competition, Chevrolet has dropped the price of the plug-in Volt for the 2014 model year by $5,000 to $34,995.
[Source: Automotive News]
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Jason Siu began his career in automotive journalism in 2003 with Modified Magazine, a property previously held by VerticalScope. As the West Coast Editor, he played a pivotal role while also extending his expertise to Modified Luxury & Exotics and Modified Mustangs. Beyond his editorial work, Jason authored two notable Cartech books. His tenure at AutoGuide.com saw him immersed in the daily news cycle, yet his passion for hands-on evaluation led him to focus on testing and product reviews, offering well-rounded recommendations to AutoGuide readers. Currently, as the Content Director for VerticalScope, Jason spearheads the content strategy for an array of online publications, a role that has him at the helm of ensuring quality and consistency across the board.
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A used Volt or other EV will be becoming in range for more people to buy